TOPIC: BG.

I've entered a small position based on the above annotated chart. The reason I entered before confirmatino of the break is that the pull back on the FTSE didn't cause a pullback on BG. That suggested strength remains in the bulls hands for now.

This was from this weeks share tips for a trade of the trend line. This how ever gapped well below this so you should not be in this due to the 30 min trading rule
Best place for a first attempt now is at 991. This level is strong support so well worth the attempt on a first attempt.

Tell me about it....
Lucky for me i took profits but was not expecting this to have taken me out like this. My stops were all moved higher but the gap down meant that all my stops were activated at a lot lower price. Gutted as theres nothing you can do when theres bad news announced before the market is open.
Thats the down side about the news.
Im staying clear for the time being as dont like the way it gapped down. Theres plenty of better shares out there for me.

This is in my expected target area now having hit short term support, however the combination of poor production forecasting (once again) and having some distance to RSI support have halted my planned entry. Longer term support is now in the 1200 area.
Disappointing production data and reduced 2014 forecasts will/have set a bearish tone that may take time to eradicate.

I will review when RSI support is tested. Shame as this looked promising. Bad luck Remo as you were on a nice run there.....

Whilst my knowledge of haramis is precisely zero I do agree with your conclusion there may be a little more in this: there is plenty of support in the area 1197 - 1207 and those levels fall neatly into my target area between 50 - 61.8% of the previous swing.
I'll watch with interest....

Bullish harami today so it should bounce from the shadow area. For me it should retrace a little more than 38.2% or 1224 after such a rapid ascent. Doesn't look done so I will wait and maybe miss, either is fine for me.

Had a closer look at this one. IMO the breakout point was actually 1210, which was Tuesdays close. The SP tagged the short term trendline (red) then broke through both, the blue one being taken from 1550.

I would expect a backtest on these trendlines at 1207/1215 giving a second chance entry here. Our 1550 line also coincides with a 50% retracement of the move, which would indicate a normal retrace of a large and sudden move.

PS: My trendlines as always are taken on a closing basis. It will be interesting if Remo's breakout point of 1231 becomes support. A good spot here by Remo nonetheless.

This is one to watch as theres a nice symmetrical triangle on this.
Id be looking to go long on a breakout past 1231. This has to finish the day above this level for strength to come .A finish above 1231 could open up 1357.
Keep an eye on the rsi for an early indication??
so keep an eye on this

I had a short ready to enter on the trend line but cancelled this yesterday due to price closing near the trend line. When price close near the trend line then its always wise to cancel any shorts or longs that you may have from that trend line.
Im still long from earlier and this is my free trade

BG group looks like its getting ready to break out so worth keeping an eye out on this. This is from the interesting chart section
Ive been in and out of this share quite a few times from the initial entry at 1000.
If you look at BG chart you can see that this is going sideways right near the resistance level so its weakening that level the longer it stays hear. So increases the chance of a break out to the upside.
stops would have to be below 1137.

A failed move to the upside tells me that there is more to fall and £10 could give way soon. I am currently looking at historical supports as I would like to ride this one up but there seems to be pack of moment at the moment.

The recent failure to break the highs could sometimes imply further falls.

ggok
when bollinger bands tighten then its getting ready to explode out.
But obviously it could go ether way.
Im favouring an up move.
Im still long on this share and have added a few more but with a stop below 1050
This share is moving nicely so far.
dyor

My stop got hit at 1060 just below 23.6 retracment fib of the recent rise, and I will wait for it to drop to the 50% or 61.8% to re-enter, my thinking is this could be a wave 2 and it may retrace right down to near the low at 991.

BG group is moving sideways now. This is good if your long as sideways move helps a share to build strength.
Shares can't just go up .
There's also a 123 low forming and the signal will come once the recent top gets penetrated . Obviously this 123 low is just a confirmation for us people that have been in this from £10 area. I'm actually happy this has started to move sideways to down as shares that move really high to quickly usually drops just as fast. I'm hopeful that we have seen the bottom of this share. As long as the price does not fall below 1025 then I'd be happy with a correction.
This is a free trade for me now and my stops are below 1025 .Even if I get bailed out at that price I'd still be happy as its a free trade.
Obviously I want this to go a lot higher now and will look to top up on a breakout of the 123 low with stops below the 2 point.

Thanks for that Mome I had put in a limit order first thing pre-open but didn't get it; out and about today car in garage and about to pop to a funeral luncheon so just keeping an eye on this - would like to get back in at the right time, so also checking back in here to see what other traders doing.
I missed getting in when Remo first posted it in 990's got in in the teens as had to close another trade first.

Picking up on your figures Geela;
it made a top (temporary top?) this morning at 1081.
Now looks as if it’s setting up for a retest so we may have 1081-991 (lucky round number coming) = 90 x.618=55.62 from 1081=1025.38 with possibilities at 1036 or 1046.42, say 1046.50 for the next low.

(Just trying to confirm we’re reading from the same sheet as I usually add the fib % to the low number rather than subtract it from the high. I guess either produces the same result)

Waiting to go long for a hold on this but I’d prefer not to be taken back to the sub 1000’s again!
(Too slow to sell out at the top, back where I started. Looking to add to holding.)

Thanks for that little gem on the .618 r/t Jackozy. I never realised that before

Geela...use the "free" pro chart first and once you've mastered that then opt for the live chart and top lists would be my advice.....you can use live charts for free but you will get timed out after a few minutes.....I'd phone them and ask for a free trial (once you subscribe to live charts, then phone them back and ask to trial L2 for a month...with their L2 you can plot it on the charts..I trialled that and it was good, but as I work full time there was no point in me having it...but worth the money if trading intraday etc.

Anything I should look for in particular as a place to get back in then?? I am a novice trader (was trading with an advice account for over a year that was mostly HORRIBLE! so got rid of it and have had a couple of trades since then on new account and really just getting back in the saddle and learning as much as I can - now know what 3 white soldiers is and looks like!thanks for that. I am looking at setting up an ADVFN account to be able to chart is that a decent site to use (seems reasonably priced per month I presume that type of charting is not available free) Thanks for any advice you have for me I really do appreciate it. Geela

I'm actually long on this again now. After breaking 1050 it backtested that level and bounced so I went long. That's the advantage of selling at a resistance: if it goes through you can get back in on the backtest.

Yes, that's the correct way to calculate Fibs manually. Most chart packages have a Fib tool to do it for you.

As to whether 1058 is the temporary top and how far it may retrace from here, we can't be sure yet. I would normally look towards the 61.8% Fib for a retrace from an initial rise after a downtrend as that's the most common level. It can be more or less than this.

Once the top is confirmed by a lower high then we can plot the Fibs and look for buy signals on the short term charts (eg hourly) to check whether it looks good to enter. In my experience (and according to EWT) it's very rare for an initial retrace to be less than 50% but it's not impossible.

Looks like the high today may have been 1058. SO can you correct me/give feedback if this is correct from what I have been reading today: Fibonacci retrace would be the difference between 991 and 1058 =67 For 61.8% retrace take the 67 multiply it by 0.618 = 41.4 Take that away from 1058 and means if it retraces 61.8% it will come back to 1016.6 or 1016.5 to keep it sensible.

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